What does the new 2018 tax reform bill mean for employees? Look at this quick summary of what to expect.
IRS Extends Deadline for ACA Forms to be Sent to Employees
Once again, the IRS has extended the due dates for ACA health care information reporting Forms 1095-B and 1095-C to be analyzed
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Once again, the IRS has extended the due dates for ACA health care information reporting Forms 1095-B and 1095-C to be analyzed, prepared and sent to employees. Insurers, applicable large employers, and other providers of minimum essential coverage now have additional time to provide health coverage information for 2018 to individual taxpayers. In accordance with the extension, Stratus.hr will provide Form 1095-C as soon as possible, but no later than the extended deadline of March 4, 2019.
Individual taxpayers will generally not be affected by this extension and should file their tax returns as they normally would. However, due to these extensions, some individual taxpayers may not receive a Form 1095-B or Form 1095-C by the time they are ready to file their 2018 tax return. While the information on these forms may assist in preparing a return, they are not required. Taxpayers can prepare and file their returns using other information about their health insurance. Individuals do not have to wait for their Form 1095-B or 1095-C in order to file.
Please note that the IRS did not extend the due date for employers to file 2018 Forms 1094-B, 1095-B, 1094-C, or 1095-C with the IRS. That deadline is still February 28, 2019, for those with 250 or fewer forms filing by paper, or April 1, 2019, if filing electronically.
What are forms 1095-B and 1095-C?
Form 1095-B will come from your health insurance carrier and has information about who was covered and when in the previous year. Form 1095-C is from Stratus.hr and provides information about what health insurance coverage your employer offered during the previous year. These forms provide healthcare information that you may need when preparing your 2018 individual taxes. Form 1095-C will likely be available online through SplashTrack before the March 4, 2019 deadline. You may log in to check status or watch for a notice from Stratus.hr when the forms have been posted.
Do I have to have these forms to file my taxes?
No, you don’t need Forms 1095-B or 1095-C to file your taxes, but you do need to be able to answer the questions regarding your health insurance coverage and what was offered. However, this information can be discoverable using other information outside of these forms.
Employees may not receive their Form 1095-B or –C by the time they have their 2018 tax returns ready to file but may use other information about their health insurance to prepare and file their returns.